And always remember that anything that causes the shadow is smaller than the source of light.

—Joseph M. Marshall III1

We live in a sea of regulatory irony. It’s quite a simple proposition to acquire a $5,000 advance on one’s credit card to finance travel, hotel, meals, and a day of gambling in Las Vegas. Unfortunately, debt incurred in Vegas doesn’t stay in Vegas, and neither does loss. But if the travel is inconvenient, there’s really nothing stopping a person in the United States from spending the same $5,000 gambling on lottery tickets, available nearly everywhere (and there’s nearly a 100 percent chance of losing it all). But it is not legal, based on American SEC regulations that exist ostensibly ...

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